Why Workhorse Group and Lordstown Motors Stocks Are Down Today
Shares of electric-commercial-vehicle maker Workhorse Group (NASDAQ: WKHS) and a related company, electric-pickup start-up Lordstown Motors (NASDAQ: RIDE), were trading lower on Wednesday after the U.S. Postal Service (USPS) said it is delaying a major contract award for which Workhorse is a finalist.
As of 11:15 a.m. EST, shares of Workhorse were down about 20.5%, and Lordstown's shares were down about 8.9%, from Tuesday's closing prices.
Trucking-news site Trucks.com reported that the USPS has delayed the award of a $6 billion contract to replace its fleet of mail-delivery trucks until sometime next year. The award has been delayed several times; it was most recently expected by the end of 2020.
Source Fool.com
